(Bloomberg) — President Donald Trump said the U.S. economy is on track to reach an annual growth rate of more than 3 percent, as he celebrated a Friday that the economy expanded in the second quarter at the fastest pace in four years.
“As the trade deals come in one-by-one, we’re going to go a lot higher than these numbers, and these are great numbers,” Trump said Friday at the White House.
The Commerce Department said Friday that the economy accelerated to a 4.1 percent pace of growth in the second quarter, the fastest since 2014. The numbers give Trump a chance to highlight his policy victories, including the biggest tax overhaul since the Reagan era, which probably boosted consumer spending and business investment.
Yet, even as he touted the benefits of future trade deals, analysts say the risks from tariff wars and a fading effect from tax cuts could limit the pace of growth going forward.
Trump said the pace of growth was “very sustainable” and could create as many as 12 million jobs over the next decade.
During his campaign, Trump regularly promised that GDP would grow above 4 percent annually — at times saying that the number would go as high as 6 or 7 percent. Trump claimed that such a rate of economic growth would help reduce the deficit.
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Source: Investing.com
